Happy Tuesday, Blockfolians
In what some are calling the biggest crypto regulatory news ever, a new interpretive letter from the Office of the Comptroller of the Currency has suggested that federally regulated banks should be treating blockchain networks like existing payment rails including SWIFT and ACH. Additionally, they can be considering using stablecoins as a settlement solution.
The news broke last night and Crypto Twitter just about lost it:
Now, of course, there is some controversy around the OCC and its leader, former Coinbase legal chief Brian Brooks. It is an open question about whether his nomination for a new 5-year term will even be voted upon.
Still, this feels like a genie-out-of-the-bottle moment that will have ripple effects for a very, very long time.
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The Block @TheBlock__BREAKING: US regulator: Federally chartered banks can facilitate stablecoin payments, issue their own https://t.co/Ejq9L4vxd8
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